Phoenix – Two office projects in the Valley adding to a combined 435,186 sq. ft. have sold in cash sales totaling $72.073 million (average $165.61 per foot). One of the assets is a building located at 32nd Street and Camelback Road in Phoenix and the other is a structure on Scottsdale Road in Scottsdale (see following story for details). In a $42.773 million transaction ($164.67 per foot), a joint venture formed by DPC Development Co. in Greenwood Village, Colo. (Chris King, Donald Cook, Gary Wilson, managers) and Bridge Investment Group Partners LLC in Murray, Utah (Robert Morse, chairman), acquired a 259,745-square-foot office building at the northeast corner of 32nd Street and Camelback Road in Phoenix. The buying entity was New Biltmore LLC (venture formed by DPC/Bridge). The seller was Muller-Tower Biltmore LLC, a venture formed by The Muller Co. in Laguna Hills, Calif. (Jon Muller, Steve Muller, principals) and BlackRock Realty Advisors Inc. in Newport Beach, Calif. The three-story project, called Biltmore Commerce Center, is located at 3200 E. Camelback Road. The sale was brokered through Chris Toci, Chad Littell and Jerry Jacobs of Cushman & Wakefield of Arizona Inc. in Phoenix. The property, which was developed in 1985, was 74 percent occupied at closing. Continue reading
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